In the modern-day market and workplace, risk is a part and parcel of business operations. Considering the shift to remote working, threats and potential vulnerabilities are ever present, which is why risk management is now a top priority. As a matter of fact, in 2021, General Data Protection Regulation fines rose by around 40%. Big names like the Marriott and British Airways incurred fines of $23.8 million and $26 million, respectively, for data breaches. This is the cost of poor risk assessment and management controls in today’s economic climate. Thankfully, auditors and risk management teams can get ahead of such problem areas with clearly defined key risk indicators (KRIs).
